NorthMarq’s Orlando Office Completes $38.6M CMBS Loans
- Jun 13, 2014
Orlando, Fla.—Melissa Marcolini Quinn, senior vice president/managing director of NorthMarq Capital’s Orlando-based regional office, arranged financing for two multifamily transactions totaling $38.6 million.
Deerfield Apartments and Townhomes: Located at 860 Deerfield Blvd, Cincinnati, Ohio, this $14.4 million acquisition consists of 223 units. The transaction was structured with a 10-year term with a three-year interest only period and a 30-year amortization schedule. Financing for the borrower was arranged by NorthMarq through its relationship with a CMBS lender.
“This was a fast paced acquisition transaction which went from a signed term sheet to closing in just two weeks,” explains Quinn. “We could not have accomplished this feat without the experience and dedication of both the borrower and lender teams.”
Lodge at Bridgemill: Located in Canton Georgia, this senior housing facility consists of 150-units and was refinanced at $24.2 million. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“This is a unique Class A, age-restricted multifamily complex that provides a high level of services to the tenants,” said Quinn. “The lender was able to get comfortable with the distinctive aspects of the asset and corresponding high loan per unit and delivered the loan as promised.”
CBRE/New England facilitates $1.6M sale of East Boston industrial property which will be converted to transit-oriented residential
Boston—CBRE/New England announces the sale of 95 Border Street, a 23,000 square foot industrial building located on 1.32 acres in East Boston, Massachusetts. Sisson Realty Trust sold the property to Neighborhood of Affordable Housing (NOAH) for $1.6 million.
CBRE/New England’s Mark Reardon, Executive Vice President/Partner, David Corkery, first vice president, and Jake Borden, vice president, represented the seller.
“We are pleased to have facilitated this transaction on behalf of Sisson Realty Trust,” notes CBRE/NE’s Corkery. “NOAH’s redevelopment plans for the site will completely revitalize East Boston’s Maverick/Central triangle by creating a new urban neighborhood.”
95 Border Street was previously an industrial site on the East Boston waterfront. The building was used as an office/industrial facility to assemble and manufacture iron products. The existing building consists of approximately ±23,000 square feet of space and the site has waterfront views.
NOAH plans to redevelop the site into Coppersmith Village, a new transit-oriented residential community accommodating the diverse range of neighborhood needs in East Boston. The project will take three years to finance and build. According to the NOAH website, “The proposed project is comprised of 56 rental apartments along Border Street with 3,000 square feet of ground floor retail space, planned for restaurant use. On the Liverpool Street frontage there will be 15 townhomes for sale using a three-story format that ties into the typical triple-decker of East Boston. The housing at Coppersmith Village will be a mix of affordable and market rate units, both rental and ownership.”
With the planned water taxi as well as being within walking distance to the MBTA Maverick Station on the Blue Line, the site will have quick and easy access to downtown Boston, Government Center and the Financial District. The Financial District is comprised of approximately 28 million square feet of office space and an enormous supply of high-paying jobs. East Boston is an up-and-coming neighborhood with great dining options and convenient access to Logan International Airport as well as LoPresti Park and the East Boston Harborwalk.